Following the latest regulatory developments in Hong Kong, Asia’s largest oil and gasoline producer, PetroChina, is reportedly evaluating the adoption of stablecoins for cross-border funds.
PetroChina Considers Stablecoin Adoption
On Friday, native information media shops reported that PetroChina, the listed arm of state-owned China Nationwide Petroleum Company (CNPC), will discover cross-border settlement and funds utilizing stablecoins.
Based on the stories, Wang Hua, Chief Monetary Officer (CFO) and Board Secretary of PetroChina, disclosed throughout the half-year assembly that the corporate is carefully monitoring the newest developments concerning the Hong Kong Financial Authority’s (HKMA) Stablecoin Ordinance.
In Could, Hong Kong’s Legislative Council formally handed the brand new Stablecoins Ordinance, directing any particular person or entity searching for to difficulty a fiat-referenced stablecoin (FRS) within the jurisdiction, or any Hong Kong Greenback (HKD)-pegged token, to acquire a license from the HKMA.
The ordinance, enacted on August 1, goals to bolster regulatory oversight on the digital belongings trade, whereas fostering innovation and “accountable, sustainable” growth. Underneath the brand new framework, licensed entities are allowed to supply FRS in Hong Kong. In the meantime, retail buyers can entry the tokens issued solely by these certified establishments.
Hong Kong’s Monetary Secretary, Paul Chan Mo-po, beforehand famous that stablecoins, “notably when it’s referenced to fiat currencies, (have) many use case eventualities,” together with cross-border funds to boost effectivity and scale back prices.
PetroChina will reportedly provoke a viability examine on using stablecoins for cross-border settlement and funds, marking the Chinese language vitality large’s entry into the digital belongings panorama underneath Hong Kong’s new regulatory framework.
HK, China Crypto Panorama
Because the report famous, Wang Hua didn’t disclose a selected timeline, solely stating that the corporate would “carefully monitor coverage developments and construct technical capabilities.” This might recommend that PetroChina’s stablecoin exploration stays within the analysis section.
It’s value noting that the HKMA established a six-month transition interval and inspired establishments to submit purposes earlier than September 30. Hong Kong’s Monetary Secretary has said that regulators obtained a number of purposes from entities searching for to develop into certified issuers.
Earlier stories revealed that a number of corporations have utilized for the HKMA license forward of the ordinance enactment, together with logistics know-how agency Reitar Logtech and the abroad arm of Chinese language mainland monetary know-how large Ant Group.
In the meantime, e-commerce large JD.com, by its fintech arm JD Coinlink, was testing HKD-pegged tokens underneath the regulator’s sandbox program earlier this yr. Regardless of Hong Kong’s crypto push, authorities have warned in regards to the extreme hype available in the market and public opinion, elevating issues over a creating development towards hypothesis because the market has develop into “overly enthusiastic.”
Equally, Chinese language regulators have allegedly instructed corporations to halt promotions and analysis publications associated to stablecoins amid issues that the rising curiosity within the sector may allow the digital asset to be exploited as a brand new instrument for fraudulent actions.
Nonetheless, Eric Trump, son of US President Donald Trump, not too long ago highlighted China’s position within the crypto trade. At Bitcoin Asia 2025, the American businessman affirmed that the nation is a “hell of an influence” within the sector, including that the US and China probably understood digital belongings “higher than anybody else on the planet.”
“There’s no query that China is a hell of an influence relating to this world,” Trump mentioned, stating that he would love for President Trump and his Chinese language counterpart, Xi Jinping, to speak about Bitcoin.
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